The Real Deal Miami

Palm Beach socialite sells waterfront home: $10M

Home will make way for new custom residence

April 06, 2016 03:45PM
By Sean Stewart-Muniz

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561 Island Drive

561 Island Drive

Ruby Rinker, a Palm Beach socialite and heiress to a successful concrete business, just sold her waterfront home on Everglades Island for $10 million.

The 5,325-square-foot home is located on just under half an acre of land facing the Intracoastal Waterway at 561 Island Drive. It was built in 1955 by Ruby’s late husband, Marshall Rinker, who built an empire out of his Rinker Materials Corp. before passing away in 1996.

County records show a limited liability company named after the home’s address bought the property this week. It’s managed by Charles J. Schneider, with an address that leads back to the offices of attorney Guy Rabideau.

The two-story home has four bedrooms, five bedrooms, a fireplace and a two-car garage. After owning the home for more than half a century, the Rinker family has sold it for nearly $1,878 per square foot.

According to the Palm Beach Daily News, the new owner plans to raze the home in favor of a new custom residence instead of a spec home. Brandon Rinker of Rinker Realty represented his grandmother for the sale, while Jim McCann of the Corcoran Group represented the buyer.

Palm Beach County, especially its wealthy waterfront enclaves, have seen a spate of residential redevelopments in recent years as aging homes are bought up and razed in favor of contemporary mansions. The transactions typically fetch high price tags, like the $18 million purchase of just under an acre on Everglades Island in February.